Govt actst govern cos better

New Delhi, Jan 7 (UNI) To give Indian businesses a competitive edge by ushering in better governance of the corporate sector, the Ministry of Company Affairs implemented several new initiatives including MCA21 e-governance project, mandatory e-filing and introduction of LLP Bill in 2006.

Side by side, the measures taken by the ministry during the year were aimed at empowerment of investors through measures such as segregation of defunct and inactive companies.

With the phenomenal growth of corporate sector throwing up new challenges, the ministry recognised the need for prompt and efficient delivery of services to enable businesses compete globally while ensuring effective compliance with the law.

In this background, the ministry is reorganising and reorienting itself for its new catalytic role of a facilitator, in addition to streamlining the structure for enforcement.

The ambitious e-governance project known as 'MCA21', which commenced with the signing of contract with M/s Tata Consultancy Services Ltd, the selected operator, on March 1, 2005. The project was launched by Prime Minister Manmohan Singh on March 18, 2006.

So far, MCA21 has been launched across all 20 Registrar of Companies (RoC) jurisdictions in the country. Conceived as a mission mode project under the National e-Governance Plan, MCA21 is a comprehensive service delivery project to bring about a fine balance between trade facilitation on one hand and effective enforcement of the corporate laws on the other.

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